Title

Author

Date of Award

Spring 1-1-2011

Document Type

Thesis

Degree Name

Master of Science (MS)

Department

Finance

First Advisor

Mattias Nilsson

Second Advisor

Iulian Obreja

Third Advisor

Roberto Pinheiro

Abstract

This paper is an empirical analysis of two types of industry clusters: clusters that arise exogenously due to natural advantages, and endogenously formed clusters. The Oil and Gas industry was chosen as an industry that would have exogenously clustered near natural resources. The Bio-Medical industry was chosen as an industry that would have clusters that formed endogenously. The evidence suggests that these two industries have clusters that experience very different firm performance gains and losses in comparison to other non-clustered firms in their industries. The Oil and Gas industry has positive performance and growth associated with firms inside clusters. The Bio-Medical industry has negative performance and growth associated with firms inside clusters.